JPMorgan earnings boosted by big one-time tax benefit

JPMorgan Chase shares slipped Tuesday after the firm posted revenue that slid from the previous year; it also warned that sluggishness in its trading unit could continue.

The largest U.S. bank reported two earnings per share figures: $1.68 a share, a GAAP figure that includes a one-time $2.2 billion tax benefit and other items; and $1.32 per share, an adjusted figure that excludes those one-time items.

The company reported revenue $23.54 billion, missing analysts' estimates of $23.69 billion, according to a consensus estimate from Thomson Reuters.

Net revenue fell 6 percent from the previous year.

The company's shares dropped as much as 2 percent in extended trading before recovering slightly.

In a statement, CEO Jamie Dimon called the results "decent," saying they were affected by a "challenging global environment" and low interest rates. He cited progress in cutting costs and managing risk.

Trading revenues, which Dimon warned about last month, fell 15 percent from last year. Chief Financial Officer Marianne Lake said market turbulence in the quarter contributed to the decline.

Analysts' expectations for trading in the fourth quarter are too high due to slow markets so far, she added.

JPMorgan kicks off a string of big bank earnings, as Bank of America , Wells Fargo , Citigroup and Goldman Sachs all report later this week. JPMorgan and others hinted that they faced headwinds in recent months.

"What could get these stocks moving is economic growth, higher rates, a steeper yield curve, which we're not getting right now. We're getting lower rates, and as these rates stay low, it's going to be very difficult for these stocks to really move," Paul Miller, head of financial institutions at FBR Capital Markets, told CNBC's "Closing Bell."

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